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4/13/2012

Greek Easter 'poorest in a decade' amid crisis

Lambs are on display at the Athens' main meat market during Easter festivities in 2010. Orthodox Easter in crisis-hit Greece will be the "poorest in a decade" owing to debt-fighting austerity policies that have brought salary and pension cuts, a leading trader lobby has said.

Orthodox Easter in crisis-hit Greece will be the "poorest in a decade" owing to debt-fighting austerity policies that have brought salary and pension cuts, a leading trader lobby said on Friday.

"We can say with certainty that Greeks are being put through the poorest Easter of the last decade," the national confederation of Greek commerce (Esee) said in a statement as the four-day religious holiday began.

The confederation said retail trade turnover was down 15 percent in the first two weeks of April when most Greeks stock up on preparations for the traditional feast on Easter Sunday that brings the Lent fast to a close.

"Turnover during Easter is worth around five billion euros ($6.6 billion)," Esee said, pointing to prior figures from the 2008-2010 season.

"This year it is estimated at 4.5 billion euros", it said.

Demand for clothes and shoes -- traditional Easter gifts for children -- fell by 18-21 percent while sales figures for food and drink were also down by around 10 percent, the confederation said.

Easter is the foremost religious festival in Greece where 97 percent of the population is Orthodox.

Salaries and pensions have been slashed by up to 40 percent in the last two years under an economic overhaul pursued by the debt-hit Greek government in return for loans from the European Union and the International Monetary Fund.